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How to gear up your business for the New Year

In my last blog, I talked about four items you need to make sure you accomplish in preparation for your business’ year end. Today, I want to share three items you need to do to gear up your business for the new year.

We’ve all heard the saying “those who fail to plan, plan to fail.” Nothing could be truer for your business finances! Getting your processes and programs in place from the get-go will best position you and your business for success in 2019 and beyond.

Here are three tasks that will help you be better prepared in the new year:

Evaluate your accounting platform

This assumes that you are already using some sort of accounting software. Is it doing what you need? Are there functions that you could be using but haven’t explored yet? If you aren’t using accounting software already, I strongly urge you to do so. When choosing, you need to make sure the platform has the features you need, including bank account connections and up-to-date reports. My personal recommendations are QuickBooks or Xero Online. FreshBooks is great for invoicing but it lacks the bank account connection and is not an accounting software for all the statements and forms you will need throughout the year.

Get your procedures in place

Keeping accurate and updated financial records requires that you have certain procedures in place. Getting in the habit of following your procedures will help ensure entries are not missed! These procedures include:

  • How to track receipts (yes, you still need to do that for tax purposes). Some people use programs like Evernote or similar document storage platforms. You need to consider both paper and electronic receipts.

  • How to label your receipts where necessary. For example, for food deductions, you will need to write the date and the topic discussed on the receipt.

  • How to track your business mileage. Various methods exist but figure out what works best for you. You must record actual mileage and the purpose for the trip. Apps such as MileIQ can be a big help with this task!

Hire an accountant

For most of my clients, keeping their books up to date is not a fun task. That’s great for me, because I love it! Not sure you need an accountant? Read this blog to better understand how an accountant can save you time, money, and frustration.

Need help?

Are you feeling overwhelmed with this list? Let me help! I love working with clients including small businesses, startups, and sole proprietors to make sure their business money matters are in order. Contact me today for a free consultation to determine how I can help you succeed.